Hard Rock cafe co-founder Peter Morton has made his mark on L.A.'s real estate scene of late, buying the old Elvis Presley estate in Beverly Hills at year end for $9.8 million.
But flying under the radar was his bigger off-market purchase midyear for a property in Bel-Air at $25 million, public records show. Area real estate agents not involved in the transaction say that Morton plans to take down the existing home and build another on the site. The estate had belonged to Joseph Farrell, who founded National Research Group Inc. in 1978 and brought market testing to Hollywood. Farrell died in December 2011.
The gated Beverly Hills compound Morton bought that was once home to Elvis Presley and wife Priscilla encompasses 1.18 acres. The French Regency-style house, built in 1958, features four bedrooms, five bathrooms, 5,367 square feet of living space and an attached guesthouse. There is a swimming pool, a four-car carport and a motor court and spa.
The property had been listed in October at $12.995 million with Jade Mills of Coldwell Banker, Beverly Hills.
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